TAXATION OF CO-OPERATIVE SOCIETIES (BASIC …

TAXATION OF CO-OPERATIVE SOCIETIES (BASIC provisions )1)Definition Meaning of CO-OPERATIVE Society - Sec. 2 (19) CO-OPERATIVE society means a society registered under the CO-OPERATIVE SOCIETIES Act, 1912, or under any other law for the time being in force in any State for the registration of CO-OPERATIVE regional rural bank (to which provisions of the Regional Rural Banks Act, 1976, apply) is deemed as CO-OPERATIVE society Circular No. 319, dated January 11, 1982. 2)Business Entity A business can be formed under the organizational set up of a cooperative society just like it can be formed as a Company. There is a general belief that cooperative SOCIETIES are exempted from the various compliances of direct or indirect TAXATION . In fact it is not so rather to get the various tax reliefs, particularly for income tax, a cooperative society must set up a process for tax compliance, tax management and tax )Principle of Mutuality and Tax Incidence There are certain types of cooperatives, like housing cooperatives, who collects monthly subscription from the members and spends the same to meet the various joint expenses of the society to give service to members like maintenance, security etc.

TAXATION OF CO-OPERATIVE SOCIETIES (BASIC PROVISIONS) 1) Definition – Meaning of Co-operative Society - Sec. 2 (19) Co-operative society means a society registered under the Co-

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